Feb 10 Day 9 GDP + Inflation + Unemployment

GDP (millions) *World Bank / Inflation *www.indexmundi.com/ / Unemployment Rate *Division of International Labor Comparisons

Canada - 1,336,068 / 2.4% / 7.8%
USA - 14,119,000 / 3.8% / 9.0%

Japan- 5,068,996 / 1.4% / 5.1%
Germany - 3,330,032 / 2.7% / 6.7%
France - 2,649,390 / 2.8% / 10.1%

UK - 2,174,530 / 3.6% / 7.9%

Italy - 2,112,780 / 3.4% / 8.2%

Lower rate of inflation is linked to a lower rate of unemployment. The GDP is relatively similar except the US's which is incredibly higher than all the other listed countries. Japan seems to be the most "comfortable" earning quite a large sum of GDP, considering its nation's small size, and having a very small rate of inflation and unemployment. Also, France has a low rate of inflation but a very high rate of unemployment.

Chosen because they were the biggest super powers in the early 20th century?
Also all mostly use a market economy. Or main nations that fought in WW2? 1st world countries?

Feb 8 Day 9 Questions

1.
a) drawn...
b) 30 people
c) 100$ in revenue
d) 112$ in revenue, slightly higher in revenue.

2.
Agreed, quantity increases and can be tracked however the price cannot be determined.
Disagree, as long as both curves are overlapping a market equilibrium can be determined.

3. ?

4.a) movement along the curve
   b) shifts the curve
   c) movement along the curve


5.When P = $6.56 and Q = 1521.36

6. ?

7. ?

Chapter 3 Review Quiz Day 6

http://www.quizrevolution.com/ch/a134944/go

Production Possibility Curves Day 4

The reason why the production possibility curve has a convex shape and not a concave shape is because of the law of increasing opportunity costs. For example if resource Z was the primary resource used to produce product A and resource Y was the primary resource used to produce product B; Z would not be as effective as Y for product B and Y would not be as effective as Z for product A. However, if the resources are allocated properly, production is maximized and efficient. Whereas, if resources were transferred there would be diminishing returns for every Z used for B and Y used for A. The only way to achieve a concave shape would be to completely switch the primary resource used, meaning A would be using Y primarily when Z is a much better choice.

Day 3 - Economic Systems

5 Traditional Economic Countries (Rural Areas)
China
South Africa
India
Indonesia
Bangladesh

5 Command Economic Countries
China
North Korea
Cuba
Burma
Vietnam

5 Market Economic Countries
Canada
United States
Britain
France
Japan

3 Basic Economic Questions (Canada)

1.  Goods that should be produced in Canada are goods that are...
a) In demand in the market
b) Vital for its citizens' survival
c) Goods that are in demand can be traded for its citizens' survival
d) Whatever sells

2. Ideally, all goods should be produced in the most cost effective manner possible. Also, producing goods in a very "green" manner is ideal as well.

3. The goods should be produced for the consumer, otherwise it is not profitable. Whether it be a consumer from Canada itself or an international consumer. Supply and Demand.